Federal Budget Implementation Act enacts ITA amendments
May 01, 2026
On March 26, 2026, federal Bill C-15, the Budget 2025 Implementation Act, No. 1 (the “Bill C-15”) received Royal Assent. Bill C-15 includes pension-related amendments to the Income Tax Act (Canada) (the “ITA”).
Bill C-15 amends the ITA to expand the definition of a superannuation or pension benefit to include any payment made by an unclaimed property authority to an individual where the amounts originated from a registered pension plan, registered retirement savings plan, or a registered retirement income fund. It also sets out requirements where an unclaimed property authority establishes a registered retirement savings plan or registered retirement income fund to receive property in respect of an unlocated individual and contains related rules governing transfers.
In addition, Bill C-15 sets out rules governing the transfer of amounts from annuity contracts in the context of marriage or common-law partnership breakdowns.
Click on ‘More information’ below to view Bill C-15:
